Endorsement: Andrew Sorkin on Ray Dalio’s book Principles: Life and Work, “I was surprisingly moved by it. I found it to be remarkably engaging. It made me think about life and how we all deal with each other in pretty profound ways.”  (Dealbook)

Quote of the Day

"Ultimately, most of the cryptocurrencies will go out at zero. Don’t say I didn’t warn you."

(David Merkel)

Chart of the Day

The lost decade for emerging market equities is over.